E $8-14$ Inventory cost flow methods; perpetual system $\backslash (\backslash$backslash $\backslash )$ LO$8-1,\backslash (\backslash$triangle $\backslash )$ LO$8-4[$This is a variation of E $8-13$ modified to focus on the perpetual inventory system and alternative cost flow methods.$]$ Altira Corporation provides the following information related to its inventory during the month of August $2024$: Aug. $1$ Inventory on hand$-2,000$ units; cost $\backslash$$$5\mathrm{.}30$ each. $8$ Purchased $8,000$ units for $\backslash (\backslash$$ $5\mathrm{.}50\backslash )$ each. $14$ Sold $6,000$ units for $\backslash (\backslash$$ $12\mathrm{.}00\backslash )$ each. $18$ Purchased $6,000$ units for $\backslash (\backslash$$ $5\mathrm{.}60\backslash )$ each. $25$ Sold $7,000$ units for $\backslash (\backslash$$ $11\mathrm{.}00\backslash )$ each. $28$ Purchased $4,000$ units for $\backslash (\backslash$$ $5\mathrm{.}80\backslash )$ each. $31$ Inventory on hand$-7,000$ units. Required: Using calculations based on a perpetual inventory system, determine the inventory balance Altira would report in its August $31,2024,$ balance sheet and the cost of goods sold it would report in its August $2024$ income statement using each of the following cost flow methods: $1.$ First$-$in$,$ first$-$out $($FIFO$)2.$ Average cost